Any pledge of or grant of a lien on or security interest in revenues of an authority or real or personal property of an authority made by an authority shall be valid and binding from the time when the pledge is made, the revenues or other property so pledged and thereafter received by the authority making such pledge shall immediately be subject to the lien of any such pledge, lien or security interest without any physical delivery thereof or further act, and the lien of any such pledge or security interest shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument of the authority by which a pledge, lien or security interest is created need be recorded or filed to perfect such pledge or security interest.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 17 - Metropolitan Transportation Authorities
Section 1711 - Creation of metropolitan transportation authorities
Section 1712 - Governing and policymaking body
Section 1713 - Appointment of board members
Section 1714 - Resignation and vacancies
Section 1715 - Meetings, quorum, officers and records
Section 1716 - Secretary, oath, bond
Section 1719 - General manager
Section 1721 - Counsel to the board
Section 1722 - Legal division and general counsel
Section 1723 - Other employees
Section 1724 - Personnel matters
Section 1725 - Public hearings
Section 1726 - Citizen advisory committee
Section 1727 - Investigations and subpoenas
Section 1728 - Conflicts of interest
Section 1742 - Power to acquire property
Section 1743 - Power to contract with public utilities
Section 1744 - Power of eminent domain
Section 1745 - Use of ways occupied by passenger utilities
Section 1746 - Transfer of records by Pennsylvania Public Utility Commission
Section 1747 - Acquisition of equipment
Section 1748 - Transfers of facilities or things of value to any authority
Section 1749 - Compacts to finance operations and particular projects
Section 1750 - Contracts, procurement and sale of property
Section 1751 - Fiscal provisions
Section 1752 - Financial statements and audit
Section 1753 - Aid from Federal Government
Section 1761 - Management of funds
Section 1764 - Contracts with obligees of an authority
Section 1765 - Commonwealth pledges
Section 1766 - Provisions of bonds and trust indentures
Section 1767 - Bonds to be legal investments
Section 1768 - Rights and remedies
Section 1769 - Additional remedies conferrable by an authority
Section 1770 - Validity of pledge
Section 1771 - Security interest in funds and accounts
Section 1772 - Payment of proceeds of tax levied for authority purposes
Section 1773 - Limitation on authority under Federal bankruptcy code
Section 1781 - Exemption from taxation
Section 1782 - Rights and remedies preserved
Section 1783 - Officers and employees continued